Pioneer CEO Will Retire and Be Replaced By COO
- Announcement comes amid speculation over potential Exxon deal
- Sheffield is one of the longest-serving public oil chiefs
Scott Sheffield
Photographer: Aaron M. Sprecher/BloombergThis article is for subscribers only.
Pioneer Natural Resources Co. Chief Executive Officer Scott Sheffield, an architect of the shale boom that made the US an oil powerhouse, will retire for a second time as acquisition talk reaches a fever pitch among North American drillers.
Sheffield, 70, will step down at year’s end and maintain a seat on the board, the company said in a statement on Wednesday. The announcement comes amid speculation that Exxon Mobil Corp. has been in early-stage talks to buy Pioneer, one of the dominant independent explorers in the prolific Permian Basin oilfield.